Taylor Maritime Investments Ltd - specialist dry bulk shipping company - Announces the sale of a 2004-built 34,000 deadweight tonne Handysize vessel for USD7.8 million, generating an internal rate of return of 44%. Further, adds that a previously announced sale of a 2007-built 33,000 deadweight tonne vessel completed earlier this month, generating gross proceeds of USD9.0 million. Taylor Maritime says that USD11.4 million of debt will be repaid by the end of the quarter to December 31 as a result of the sales. This will reduce the company's outstanding debt to USD156.2 million.
Chief Executive Officer Edward Buttery says: "With these vessel sales, the two oldest in the TMI fleet, we continue to optimise our portfolio in the face of tightening environmental regulations while also deleveraging. Our focus on divesting older, less efficient tonnage while maintaining an attractive core of modern, Japanese-built geared dry bulk carriers means we are well positioned to deliver long term value to shareholders given favourable fundamentals for the geared dry bulk segment."
Current stock price: 64.24 pence, up 2.0%
12-month change: down 28%
By Holly Beveridge, Alliance News reporter
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Taylor Maritim (TMI)
Taylor Maritim (TMIP)